In the lead up to the Eurozone Crisis, Portugal’s Economy was an outlier. Whilst many economies went on an incredible run, the Portuguese Economy did not have such a good time. Not only underperforming the average eurozone growth rate, but unemployment actually rose from 3.8% to 7.5% between the millennium and 2008. Compare this against the likes of Greece, Spain and Italy, all of which had seen significant declines in unemployment. Raising the question of why? Why had Portugal’s Economy stagnated in what were supposed to be the good times? What was the impact of its long history as a colonial power? And to what extent did a 19th Century letter from Pope Leo the 13th influence its wider economic approach?
The Spanish economy is one of extremes. At one point a focus of the eurozone crisis, at another the largest contributor of growth, and more recently, suffering the greatest economic hit of any Advanced Economy in 2020. Spain’s economic problems are often confused. In the years leading up to the Great Recession it posted consistent budget surpluses. However, a huge real estate bubble was lying in wait. The question… is why? Why did Spain go from a seemingly safe level of debt to one larger than it’s economy? How was the housing bubble encouraged? And since then, has Spain’s economy ever truly recovered? Or in what ways?
The Polish economy was the fastest growing European economy over the last two decades, being the only one to avoid a recession following 2008. Outperforming other post communist nations, to become the first to reach developed status. However it’s fair to say that Poland often receives less attention than it deserves. Despite regularly being touted as Europe’s growth engine. This raises all sorts of questions, like how has Poland’s Economy done so well? Why do under 26 year olds pay less income tax and whether, as some have suggested, it can catch up with Germany’s average income by 2040. Is Poland a Tiger Economy?
Poland, officially the Republic of Poland, is a country located in Central Europe. It is divided into 16 administrative provinces, covering an area of 312,696 square kilometres, and has a largely temperate seasonal climate.
The Economist discusses latest news on Hong Kong postponing elections, the potential sale of popular video app Tik Tok to Microsoft, and other world news.